My finances 10 min

Saving Savvy: Take Action

By Fonds de solidarité FTQ

Enough with theory, you're now ready to practice! In this class, Susan will share her best tips for getting started in the exciting world of savings.

  • Class introduction

    Let me reassure you right away: by the fifth class, it's only natural that you too have developed a passion for saving and reusable containers. Okay, I'm joking. I'll stop, I promise. And because I've thought of everything, I've put my top five tips together in one class so you can take action. 3, 2, 1… ACTION!

    First Tip

    A savings plan is a must. And to know how much you can save, you need a budget. No, you won't get by without one.

    In fact, the Fonds de solidarité FTQ offers a suuuuuper comprehensive budgeting tool, And if you ever need a refresher on budgeting, class 2 has got you covered.

    Once you've made your budget and are able to save, it's time to think about investing.

    In addition to your investor profile and your savings goals, which are two important factors in choosing your savings products and vehicles, you may ponder other aspects such as the responsibility, ethics or locality of your investments. Investing according to your values? That's tapping into today's zeitgeist.

    After that, you just need to revisit your plan at least once a year or when your situation changes, like before the birth of a child, after a move or if you ever get the burning desire to go back to school to study accounting.

    But if all of this sounds more complicated than exciting, there are plenty of experts out there to help you. You don't have to do it alone.

    Second Tip

    Diversify your portfolio according to your targeted risk level. This doesn't mean building a collection of loyalty cards in your portfolio. It means putting your money into savings products that invest in a variety of securities. In doing so, you will maximize your return and reduce your risk.

    Third Tip

    Breathe in, breathe out. It's perfectly normal for the value of your investments to fluctuate over time, and it's to be expected. Some waves will be bigger than others. The most important thing is to have an adequate portfolio and to avoid panicking during downswings or getting too carried away during upswings. Keep calm and stick to your game plan.

    Fourth Tip

    Before you invest in a financial product, take the time to learn about it. It may not be as exciting as reading mailers, but it's important to get to know the broad lines of the product, such as its investment mix, risk level, past performance and management fees.

    Fifth Tip

    Speaking of reading, it's also important to learn how to read your investment statements.

    It's important to read and understand these statements because they're the key to tracking the value of your investments and to knowing whether your strategy is still relevant to you. It's important. More important than your number of Instagram followers.

    Class recap

    Because I like you, I'll leave you with one last tip for the road. Give in to automatic savings. Personally, it has really helped me discipline myself.

    At a set frequency, an amount is deducted from my account or my paycheck and phew! I'm saving just like that. Without even thinking about it. Less stress and more time for me! There isn't a better feeling, trust me.

    Anyways, I myself like it a lot, as you may have understood. I could talk about savings from dusk till dawn! So much so that I could make an infinite number of videos to explain how to save better.

Test your skills before putting your learning into action

1. How often should I review my savings plan?


It's just a matter of making sure your savings plan still meets your goals and expectations.


Make sure to review your budget every 12 months.

2. What does it mean to "diversify your portfolio"?


By holding a variety of investments, the possibility of the value of your investments crashing at the same time is greatly reduced.


The right answer is actually the 3rd. By holding a variety of investments, the possibility of the value of your investments crashing at the same time is greatly reduced.

3. Besides the investor profile, what else can influence your investment decisions?


If the return is to be important, asking questions about your investments is just as important.

Yes, but there's no wrong answer here!

4. True or false? Only financial planners can understand investment statements.


You can read your investment statements too! In fact, it would be best that you do!


You can read your investment statements too! In fact, it would be best that you do!

5. What was Susan's final tip?


Automatic bank withdrawals allow you to save without even lifting a finger!


Instead, Susan recommends automatic bank withdrawals that allow you to save without even lifting a finger!

Take action now

Now that you've completed our five classes on savings habits, it's time to put your learning into action. Learn more about our savings solutions to help you reach your financial goals.

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